Karachi: The Pakistan Stock Exchange (PSX) has released a revised auction calendar for the sale of Government of Pakistan (GoP) Ijarah Sukuk (GIS), spanning from May 2025 to July 2025. The auction targets have been set with specific dates and denominations for market participants.

The PSX notice, referenced as PSX/ N-533 and dated May 22, 2025, outlines the schedule and targets for different tenors of GIS. The auctions are categorized into three types: Short Term Sukuk GIS, GIS with Fixed Rental Rate, and GIS with Variable Rental Rate.

For the ten-year tenor, the auction calendar details specific goals. On May 29, 2025, an auction is scheduled with a settlement date of May 30, 2025, targeting a size of PKR 40 billion. Subsequent auctions on June 25, 2025, and July 23, 2025, aim for PKR 30 billion and PKR 25 billion, respectively, culminating in a total of PKR 95 billion.

In the five-year category, the auctions are set for May 29, June 25, and July 23, 2025, with the first auction targeting PKR 60 billion. The subsequent auctions aim for PKR 40 billion and PKR 100 billion, respectively, bringing the total to PKR 200 billion.

The three-year tenor auctions, also scheduled for the same dates, have set targets of PKR 51 billion, PKR 30 billion, and PKR 75 billion, resulting in a total of PKR 156 billion.

According to information available from the Pakistan Stock Exchange (PSX), the 10-year GIS-Fixed Rental Rate will be a zero-coupon instrument, while the 3-year GIS-Variable Rental Rate will be discontinued starting May 2025. This information is critical for market participants in planning their investment strategies in the coming months.

The designated market category for these auctions is the Government Ijarah Sukuk, which is a prominent financial instrument in the country’s economic framework. The PSX's detailed scheduling and target sizes reflect a structured approach to government securities trading in the upcoming months.